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New CosmoLex Upgrades Meet Large Law Firm Needs

With its latest release, CosmoLex shows it’s ready to handle the requirements of even the largest law firms.

NORTH BRUNSWICK, NJ – May 23, 2016 – CosmoLex, a leading cloud-based, law practice management software provider, has announced a major upgrade with its v4.1 release — and it’s one that will bring their cloud-based total solution to the attention of larger law firms.

“Large law firms have complex needs that were not addressed with earlier, first-generation cloud-based systems. These include complex profit and fee sharing models, as well as billing requirements imposed by corporate and government clients”, according to CEO Rick Kabra. “With the release of CosmoLex v4.1, we’ve taken a big leap towards meeting those needs with features not available in any other cloud-based system.”

To that end, the new CosmoLex release includes:

LEDES 1998B Billing Codes — LEDES defines the global standard formats for legal industry billing codes (e.g. bankruptcy, litigation, patent, trademark, etc.) They are an absolute requirement for prompt payment when billing at the corporate level. CosmoLex gives full control for adding or restricting LEDES codes at the firm or matter level.

UTBMS Task Management Codes (The ABA standard) — UTBMS codes are now supported in this new release. These can be used in conjunction with eBilling or as stand-alone codes.

Income Distribution — Collected fee income can now be distributed based on parties’ roles (such as billable contribution, originating attorney, responsible attorney, etc.) A new “Collected Fee Income Allocation Report” can be used for productivity measurement, facilitates fee allocations, and more.

Grouping/Categorization — Practice management items such as events, tasks, emails, notes, etc. can now be organized under user-defined labels such as “Client Discussion” or “Discovery” within each matter. This will help in better organization of details for complex client matters.

System Email Communication Logs — All emails sent from CosmoLex (such as invoices, reminder notices, etc.) are now automatically recorded to a log and tagged by matter. This allows for a thorough review of communication history in case of any doubt, dispute, or audit.

“Of course, all these features can be used to tighten up operations at small law firms as well,” Kabra continued.” For larger law firms, these enhancements will put CosmoLex on the short list of ‘must see’ systems.”

CosmoLex is cloud-based law practice management software that integrates trust & business accounting, time tracking, billing, email & document management, and tasks & calendaring, in a single application.

[1] For new LawPay customers only. The monthly fee is absorbed by CosmoLex only for active LawPay users (which is defined as processing at least one credit card transaction within CosmoLex each month). CosmoLex may deactivate inactive users LawPay account or charge LawPay’s normal monthly fees of up to $20/month.

[2] If your external accountant or bookkeeper qualifies to become “CosmoLex Accounting Partner”, he or she can access your account remotely (with your explicit permission), without any cost to you or them. Call us for details.